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Amendment of Part 23 of Principal Act (farming and market gardening)
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24. Part 23 of the Principal Act is amended—
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(a) in section 657(7), by the deletion of all of the words from and including“; but where in the case of an individual” to the end of that subsection,
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(b) in section 666(4), by the substitution of “2024” for “2021” in each place where it occurs,
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(c) in section 667B(5)(b), by the substitution of “31 December 2022” for “31 December 2021”, and
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(d) in section 667C—
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(i) in subsection (2), by the substitution of the following paragraph for paragraph (b):
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“(b) the following was substituted for subsection (4)—
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‘(4) (a) A deduction shall not be allowed under this section in computing a company’s trading income for any accounting period which ends after 31 December 2022.
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(b) Any deduction allowed by virtue of this section in computing the profits or gains of a trade of farming for an accounting period of a person other than a company shall not apply for any purpose of the Income Tax Acts for any year of assessment later than the year 2022.’,”,
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and
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(ii) in subsection (4), by the substitution of “31 December 2022” for “31 December 2021”.
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